Vegas Roundup, Profits in Decline, GPUs on Fire

What happens in Vegas... gets shared in this newsletter | View From the Arch #87

May 31, 2025

Apologies for the later than usual edition, the Arch team had a busy week at Bitcoin Vegas. Don’t worry if you missed it - we’ve got you covered.

This Week in Crypto

If there’s one clip you must watch from

  • When federal debt was low, you could increase interest rates and decrease private sector credit growth. Now that federal debt is >100% of GDP, if you increase rates you speed up the federal deficit faster than they slow down private sector credit growth. Nothing stops this train.

Arch had a busy week, with three days in the expo hall and a side event with Mark Moss, where we announced Velocity by Arch.

Velocity’s first product is the Bitcoin Annuity - a way to generate perpetual tax free income on your Bitcoin.

We also announced a partnership with AnchorWatch to bring further insurance available for our clients! Stay tuned here!

And to run you through the headlines made at vegas:

This Week in TradFi

Nothing too interesting on the domestic front this week.

  • U.S. stocks ended higher yesterday, with shares of Nvidia gaining after their quarterly earnings.

  • Meanwhile, corporate profits fell sharply in Q1 and could continue to fall this year, due to higher costs from tariffs. 

    • Gross domestic output declined at a 0.2% rate, vs. an increase at a 3.8% pace last quarter.

The U.S. dollar dropped with Treasury yields, as investors digest the U.S. Court of Appeals decision to keep President Trump’s tariffs in effect.

On the international front:

  • India’s economic growth picked up the pace last quarter, bolstered by stronger rural demand and increased government spending. 

    • GDP is expected to have grown 6.7% YoY, up from 6.2% last quarter.

  • Japan’s factory output fell last month by 0.9% MoM - better than the expected 1.4% drop. 

The UK’s vehicle output dropped in April, the country’s worst start to the year since 2009 - driven by weak export demand and Easter.

This Week in Tech

Nvidia earnings were Wednesday, and boy was news good.

  • The company reported better-than-expected earnings and revenue, with the company’s data center business recording YoY growth of 73%. 

  • Net income increased 26% to $18.8B, vs. $14.9B last year. Revenue increased 69%, up from $26B last year. 

  • Nvidia expects $45B in sales in the current quarter - and they say this estimate would have been higher if not for lost sales from an export restriction on chips to China.

  • The stock rose 6% in after-hours trading as a result. 

The New York Times has agreed to license its editorial content to Amazon to train the company’s AI platforms.

  • This comes after The Times sued OpenAI and Microsoft for copyright infringement, accusing them of using articles published by The Times to train models without consent or compensation. 

  • The agreement will “bring Times editorial content to a variety of Amazon customer experiences” - which would include content from news articles, NYT Cooking, The Athletic, and more. 

Anthropic launched a new voice mode for its Claude chatbot apps.

  • The voice mode (as it sounds) allows Claude app users to have “complete spoken conversations with Claude”.

  • Anthropic isn’t the first company to offer voice chat - Google has Gemini Live, and xAI has Voice Mode for Grok.

As usual, below are some fundraising announcements, M&A, and tech personnel changes that caught our eye:

Arch is building a next-gen wealth management platform for individuals holding Alternative Assets. Our flagship product is the crypto-backed loan, which allows you to securely and affordably borrow against your crypto.

Disclaimer: None of the above is financial advice, seriously.